DLF Q2 net down 63% to Rs 139 crore on slowing home sales

NEW DELHI: Net profits of DLF, India's biggest real estate developer, fell for the ninth straight quarter, with the company reporting a 62.8% lower consolidated net profit for the July-September period.

Net profits fell to Rs 138.51 crore as compared to Rs 372.41 crore a year ago, weighed down by slow sales and high finance costs.

The company, which was recently hit by allegations of suspicious land and real estate transactions with Robert Vadra - the son in law of Congress president Sonia Gandhi - said its income for the quarter declined 19.46% to Rs 2,039.54 crore from Rs 2,532.41 crore last year.

"The financial results for this quarter represent that the company is poised to get back on full growth mode. The company is now well positioned and positive to leverage its leadership with planned launches in excess of 9 million sq ft during the second half of the fiscal year. We truly believe that the worst is behind us," said Ashok Tyagi, group chief financial officer of DLF.

Shares of the company on Monday closed 2.41% down at 206.15 apiece on the Bombay Stock Exchange.